Amid the continuing meme coin frenzy, Dogecoin has emerged because the frontrunner, charming traders with a staggering rally within the DOGE worth. The crypto’s latest worth surge has solidified its place as a prime gainer within the meme coin market.
Meanwhile, the leap in its worth and market cap has helped it to surpass Cardano (ADA) lately, leaving many intrigued. So, let’s delve into the components driving Dogecoin’s meteoric rise this week.
Why Dogecoin Reigns Supreme Amid Meme Coin Frenzy?
The general crypto market went by means of tumultuous buying and selling final week, attributable to a number of hovering uncertainties. The vital outflow within the U.S. Spot Bitcoin ETF, the SEC’s investigation on Ethereum’s securities standing, and others have dampened the traders’ sentiment.
However, regardless of the looming issues, Dogecoin has maintained an upward momentum by means of the week, suggesting the rising confidence of the traders. Although there could possibly be a flurry of causes behind the DOGE worth rally, let’s take a look at some key causes.
Coinbase Announcement Of Dogecoin Futures Listing
Coinbase, the outstanding crypto alternate, filed with the CFTC on March 7, to introduce cash-settled futures for Dogecoin (DOGE), Litecoin, and Bitcoin Cash. This transfer has ignited optimism, notably amongst Dogecoin lovers, citing its lasting recognition.
Meanwhile, Coinbase highlights Dogecoin’s long-lasting attraction, attributing its transformation from a meme to a elementary ingredient within the cryptocurrency business as a key think about bolstering market belief. Notably, the alternate goals to launch DOGE futures and different contracts by April 1, emphasizing the rising confidence in Dogecoin’s place.
Elon Musk’s Recent Comment
In a latest assertion, Tesla CEO and X proprietor Elon Musk hinted on the potential of Dogecoin as a cost possibility for Tesla automobiles, stirring pleasure throughout the crypto market. Musk’s remark, reported by CoinGape Media in mid-March, has fueled hypothesis and optimism amongst traders.
Meanwhile, Elon Musk has additionally promoted the meme-coin earlier and is thought for his assist of the crypto. Considering, the world’s richest man’s curiosity in Dogecoin indicators a possible vital improvement in its adoption, additional solidifying its place within the cryptocurrency panorama.
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X Securing More Payment Licenses In the US
X Payments, led by Elon Musk, secures three further cash transmitter licenses throughout US states this week, insiders reveal. Now licensed in 22 states, X Payments goals to roll out cost options this 12 months.
Notably, Musk beforehand hinted at mid-2024 for cost options to go reside throughout a dialogue with Ark Invest CEO Cathie Wood. However, following the latest announcement, the Dogecoin worth surged, reflecting Musk’s affect. In addition, speculations come up on Dogecoin doubtlessly turning into a cost possibility on X, marking one other milestone for the cryptocurrency.
Soaring Whale Activity
The Dogecoin worth’s latest rally gained momentum as outstanding crypto analyst Ali Martinez reported vital whale exercise. On March 21, Martinez highlighted that Dogecoin whales bought 25 million DOGE over 72 hours, amounting to roughly $3.75 million.
Meanwhile, these substantial purchases point out rising investor confidence in Dogecoin, contributing to its upward trajectory. Whale actions, coupled with constructive developments, have bolstered curiosity and propelled Dogecoin’s worth within the crypto market.
Bottom line
Dogecoin’s latest rally signifies a bullish sentiment, with its Open Interest (OI) surging considerably. CoinGlass knowledge reveals a exceptional 11.69% improve in Dogecoin OI over the previous 24 hours, reaching $1.35 billion, demonstrating heightened market curiosity.
Meanwhile, prime crypto exchanges like Binance and Bybit witnessed substantial OI spikes over the past 24 hours with jumps of 12.96% and 11.03%, respectively. In addition, regardless of unstable buying and selling in meme cash, the Dogecoin price’s vital surge over the previous week underscores rising investor confidence on this main meme coin.
Also Read: Cathie Wood Offloads $123M Coinbase & Robinhood Stocks This Week
The introduced content material could embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.
